GM Financial’s first auto lease securitization of 2016 is a $1 billion transaction that encompasses higher average customer credit scores and more shorter-term contracts compared to previous GM lease ABS collateral pools.

GM Financial Automobile Leasing Trust 2016-1, consisting of 44,222 leasing contracts from General Motors’ captive finance arm, is being marketed in seven classes of notes, including four Class A tranches totaling $891 million. All those notes are triple-A rated, including a one-year maturity $125 million A-1 tranche that carries that AAA-equivalent ‘A-1+’ rating for money-market notes.

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